Britain’sobviouslyFFSpic.twitter.com/0auUblSF2Gpic.twitter.com/n95MGRlSApquestion indicates how much waffling and spinning is going on here #BoE #InflationReportCarney : "Progress in terms of normalisation has been mixed"Central bank-ese for "haven't a Scooby" https://t.co/ueeMr8nX8W 1.01pm GMTRobert Peston has the microphone,and uses it like a laser beam to target Carney’s credibility.
Q: effect you regret telling the public that the decision over UK interest rates will come into ‘sharper relief’ at the turn of the year?[br]We acquire a situation where there is mixed progress, but there is progress.... towards monetary normalisation. 12.58pm GMTOnto questions: Q: Not much appears to acquire changed in today’s Inflation Report, and but theres a astronomical reaction in the markets. Why? 12.55pm GMTNow this is sharp. Carney says that the Bank expects to retain its stock of UK government bonds until interest rates acquire reached a level where they can be cleave.
That means the BoE won’t be unwinding QE until rates acquire hit 2%. 12.54pm GMTThere are a range of views among the monetary policy committee over the balance of risks to inflation,says Carney. 12.53pm GMTBoE Carney repeats from report intro:in contrast to global picture &despite ongoing fiscal consolidation domestic momentum still resilient 12.52pm GMTMark Carney confirms that UK inflation is expected to remain below 1% until the second half of 2016, citing factors such as cheaper commodity prices and other imported goods prices. 12.52pm GMT 12.50pm GMT“Remember, and remember the 5th of November” grins sign Carney as the press conference begins (maybe he’ll hand out some toffee apples later #trace)So what’s memorable approximately today? There are some familiar themes - inflation remains low,rates remain unchanged, and it’s another 8-1 split.
Carney says wide outlook from August intact, or downside risks to global outlook including more "abrupt" changes in China 12.46pm GMTThe Bank of England press conference is starting now - you can watch it live here.
Economics editor ITV’s latesttellsit9.06amMPCIntelligencepic.twitter.com/e92uNcMAyr 8.22am GMTSome economists believe that divisions at the Bank of England over interest rate policy will widen today during Super Thursday.
At recent meetings,the monetary policy committee has split 8-1, with only Ian McCafferty voting to hike borrowing costs from 0.5% to 0.75%.
It’s Bonfire Night, and if there are fireworks here,it will be in the vote.
Kristin Forbes has been very hawkish of late, and she may depart and join McCafferty, or possibly Martin Weale too. 8.05am GMTToday is probably the Bank of England’s final chance to prepare people for an interest rate hike early next year.
Brian Hilliard,chief U.
K. economist at Societe Generale, explains:“It’s make or break for clear communication on a first-quarter rate increase.“If it is going to happen in February they’re going to acquire to send a strong and clear signal.” 8.00am GMTAs if the Volkswagen scandal wasn’t bad enough, and Germany’s factories acquire also suffered another drop in demand orders.
New orders in #manufacturing in Sept. 2015: –1.7% seasonally adjusted on the previous month https://t.co/M4w7zCGPeN pic.twitter.com/f9LrOoQRFVGerman new orders down for the third straight month. No more excuses apart from domestic demand still bit stronger.
Three months in a row with month-on-month declines over 1%. final time that happened was November 2011. #NichtGut https://t.co/FJNBjodjlb 7.50am GMTWe acquire firm evidence that the emissions scandal has hurt Volkswagen,from South Korea. 7.34am GMTHappy Super Thursday!#UK economy today: BOE rate decision, minutes, or Inflation Report Related: VW could face billions in car tax repayments over latest CO2 scandal Grim retail. Morrisons - total sales down 2%; like-for-like sales down 2.6%; food deflation -2.2%. Every figure in trading statement is -veContinue reading...
Source: theguardian.com